London-based Monolith announces its partnership with international asset-based Decentralised Finance (DeFi) companies Digix and MakerDAO, to make their tokens loadable on the Monolith Visa debit card.
Taking Decentralised Finance mainstream with Monolith’s Visa debit card
As part of driving the everyday adoption of digital currencies in e-payments, the Monolith team is partnering with international blockchain companies MakerDAO and Digix to bring their respective digital currencies to the Monolith Platform.
Starting from the 15th of August 2019, users who sign up for Monolith will also be able to load their Monolith Visa debit cards with MakerDAO and Digix’s digital currencies through the Monolith mobile app. These currencies can be used for everyday transactions such as paying bills, purchasing goods or even to send and receive money.
Digix is the world’s first smart-asset company using blockchain that accounts for the authentication and provenance of 99.99% investment-grade gold bullions. Every DGX token represents 1 gram of gold that is stored in accredited precious metals vaults in Singapore and Canada. Retail investors holding DGX tokens can exchange their token back at Digix to redeem the physical investment-grade gold bullion.
To mark their partnership with Monolith, Digix is offering the first 1,000 users who activate their Monolith Card 0.1g of Gold in DGX tokens credited to their Monolith Wallet.
Raising the growth and applicability of Decentralised Finance internationally
The decentralized finance space has seen greater attention in 2019 with larger institutions seeing the potential for blockchain in payment processing. Monolith’s announcement comes at a time where prominent institutions such as Visa, J.P Morgan Chase, and Facebook have delved into blockchain-based projects of their own.
Through the Monolith platform and debit card which allows for usage anywhere that accepts Visa, European and London-based retail investors of Digix’s digital assets can now use DGX tokens for everyday purchases. With the credence of connecting with anywhere that accepts Visa, more blockchain-based companies like Digix can integrate their e-payment options to better serve everyday consumers.
“We’re thrilled to have had a fantastic response from our beta users and are now ramping up for growth. Rebranding to Monolith helps us achieve our mission of democratizing finance and bringing the Token economy to everyone while providing a unique service to our customers,” Mel Gelderman, CEO of Monolith said.
“MakerDAO and Digix are some of the most well-recognized and earliest Ethereum-based projects. For TKN holders, these partnerships mean that DAI, DGD, and DGX are now eligible for usage in the TKN Asset Contract. We’re thrilled to offer them on Monolith, and see this as the start of bringing many more quality tokens into the Monolith ecosystem. Watch this space.” he added.
Monolith’s solution provides a powerful way for token holders to extend the usefulness of their crypto-holdings,” said Rune Christensen, CEO, and Cofounder of MakerDAO. “Their cards create a critical bridge from the world of DeFi to the more traditional world of retail.
“Monolith is a pioneer in the space of cryptocurrency cards. This partnership is driven by a common mission with Monolith to democratize access to cryptos to the majority, and increase the utility of blockchain assets, allowing blockchain assets to permeate into everyone’s daily lives.” Kai C. Chng, CEO of Digix said.
Monolith is a London-based banking alternative powered by Ethereum. Established in 2016, Monolith aims to bring the Ethereum economy to the real world.
Available on the App Store (iOS with Android to come), Monolith allows you to securely store ETH and ERC-20 tokens in your own decentralized Contract Wallet. You can then exchange them to fiat and preload them to your Monolith Visa debit card.
The Monolith token, TKN, gives community members a chance to share in the success of the Monolith card and is backed by a basket of Ethereum tokens that people use to pay for everyday purchases.
Find out more at https://monolith.xyz/